In a recent piece for Bank Technology News, Penny Crossman highlights a series of strategic initiatives from banks and credit unions around the world to improve pricing capabilities through core banking modernization.
“More and more U.S. banks are feeling pressure to base their pricing on risk or relationships as a means of strengthening customer ties and increasing revenue,” said Crossman. “In many cases, that may require a core upgrade since such changes tend to be difficult and time-consuming to execute on old systems.”
The article highlights Bank of the West’s use of Zafin’s miRevenue, a complete Product and Pricing Lifecycle Management solution.
“Bank of the West in San Francisco is creating what it calls ‘relationship pricing.’ By gathering intelligence on all the services a customer uses across the organization, the bank can offer different tiers of prices. It’s using miRevenue software from Zafin to structure the fees,” noted Crossman.
By serving as a middleware layer between core banking and other legacy systems and customer-facing channels, Product and Pricing Lifecycle Management is a model for the benefits of replacing the core without the risk.
For more information on how Product and Pricing Lifecycle Management can help deliver customer-centric innovation and additional fee-based revenue by modernizing existing core banking systems, please contact us at firstname.lastname@example.org.